Malaysia-listed healthcare real estate investment trust, Al-Aqar REIT, announced on 20 March that it has entered into a sale and purchase agreement with Seremban Specialist Hospital to acquire a parcel of freehold land in Seremban, Negeri Sembilan for a total cash consideration of MYR4.25 million (SGD1.58 million).
The land, situated adjacent to several parcels of freehold and leasehold lands owned by Al-Aqar REIT, is currently being used as an open space parking lot for Seremban Specialist Hospital, a medical gas storage building, a power substation and a refuse storage facility.
The Seremban Specialist Hospital currently sits on land that was acquired by Al-Aqar REIT in August 2008.
Seremban Specialist Hospital had in March 2012 obtained the approval from the local town council to expand its facilities into the 5,600 square metre land, including the construction of an additional eight-storey physician consultant block and a six-storey annexe block. The land will be leased from Al-Aqar REIT with construction of the new facilities.
Upon acquisition of the land by Al-Aqar REIT, the lot is expected to undergo a process of amalgamation with the existing land upon which Seremban Specialist Hospital stands before the expansion project can proceed.
Units of Al-Aqar REIT are currently listed on the Bursa Malaysia at MYR1.42.